Correlation Between 437076CH3 and Griffon
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By analyzing existing cross correlation between HD 15 15 SEP 28 and Griffon, you can compare the effects of market volatilities on 437076CH3 and Griffon and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in 437076CH3 with a short position of Griffon. Check out your portfolio center. Please also check ongoing floating volatility patterns of 437076CH3 and Griffon.
Diversification Opportunities for 437076CH3 and Griffon
Pay attention - limited upside
The 3 months correlation between 437076CH3 and Griffon is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HD 15 15 SEP 28 and Griffon in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Griffon and 437076CH3 is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on HD 15 15 SEP 28 are associated (or correlated) with Griffon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Griffon has no effect on the direction of 437076CH3 i.e., 437076CH3 and Griffon go up and down completely randomly.
Pair Corralation between 437076CH3 and Griffon
If you would invest 3,897 in Griffon on January 23, 2025 and sell it today you would earn a total of 2,706 from holding Griffon or generate 69.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.26% |
| Values | Daily Returns |
HD 15 15 SEP 28 vs. Griffon
Performance |
| Timeline |
| 437076CH3 |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Griffon |
437076CH3 and Griffon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 437076CH3 and Griffon
The main advantage of trading using opposite 437076CH3 and Griffon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 437076CH3 position performs unexpectedly, Griffon can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Griffon will offset losses from the drop in Griffon's long position.| 437076CH3 vs. Universal | 437076CH3 vs. Iridium Communications | 437076CH3 vs. RLX Technology | 437076CH3 vs. Vita Coco |
| Griffon vs. Steel Partners Holdings | Griffon vs. Brookfield Business Partners | Griffon vs. Tejon Ranch Co | Griffon vs. Compass Diversified Holdings |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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